Why is the new system of Credit Rating so important to you?
Currently when you apply for a loan or credit card in Australia, the bank checks your credit history to understand how risky it is to loan you money. However, up until recently, the only information commonly available about you was limited to:
1. Company Directorships;
2. your past loan applications, and;
3. any nasties, such as defaults.
With the new system now here, banks will have much more data available about you. Not only can they see what loans you've applied for, they will be able to understand your repayment history for the past 2 years. Have you made your repayments on time every time on all of your loans and credit cards?
Banks will now be able to apply this information to determine both the risk but also the potential pricing on your next loan. If you have a great credit rating, you may qualify for a more competitive interest rate. If you have a chequered history with the loans you already have, a bank may consider you a higher risk and your loan interest rate could reflect this.
At Max Credit Ratings, we will obtain a complimentary copy of your Credit Rating. We will then chat with you to explain what this means in relation to your loans. There will be tips we can give you to improve your Credit Rating and have banks fighting to give you the best deal.
Simply request your complimentary credit rating online and make a time to speak with one of our helpful team members. Let Max Credit Ratings help you to maximise your Credit Rating.